Egypt, Russia Sign Landmark Nuclear Energy Deal

Egypt and Russia on Tuesday signed a landmark agreement on the peaceful use of nuclear energy, that would allow Russian companies to participate in a tender to build nuclear plants in Egypt.

The agreement was signed on behalf of Egypt by the minister of Electricity and Energy Hassan Younis, and Sergey Kiryenko, general manager of the state - run Russian company, Russ- Atom, in the presence of presidents Hosni Mubarak and Vladimir Putin during Mubarak’s state visit to Russia.

The agreement provides for the possibility of the implementation of certain projects in the future in nuclear power and control, as well as the security of these facilities and the effectiveness of their performance.

President Mbubarak said the agreement cones in the framework of Egypt’s commitment to work with international partners and the International Atomic Energy Agency (IAEA) in a transparent manner.

The estimated cost of building the first nuclear power station in Egypt is about 5 billion dollars.

The signing agreement came after the summit held in Moscow between the Egyptian and Russian leader where President Mubarak thanked Putin for inviting him to visit Moscow saying that he was pleased with the progress witnessed in the relations between the two countries during Putin’s term of office which ends on May 7.

Mubarak said he was confident that the bilateral relations between the two countries will continue to develop under the president-elect Dmitry Medvedev.

The Egyptian leader invited Putin to attend the World Economic Forum meeting that Egypt will host in its Red Sea resort of Sharm El-Sheikh in May.

President Putin expressed confidence that the relationship between Egypt and Russia will further develop under his successor Dmitry Medvedev. He also stressed the importance of enhancing Egyptian-Russian cooperation in the energy domain.

Source African Press Agency

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